File Tracking
| Masters Title & Escrow | What we do |
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Masters Title & Escrow provides title and escrow services in connection with District of Columbia, Maryland and Virginia real estate transactions. We are technology-driven and with lender cooperation will someday reach our goal of a completely paperless office. Our experienced, professional team and our web-based services allow you to settle anywhere, anytime. After a buyer and seller negotiate the terms of their deal and sign a sales contract, many tasks must be completed before they can officially close the deal. As the title and escrow company coordinating the transaction's many elements, Masters Title facilitates the process of getting buyer and seller to the settlement table by working closely with real estate professionals, brokers, lenders, insurers, local government authorities and others to ensure that the process goes smoothly. For refinance transactions, our work is very much the same but there is one (1) less party involved. Purpose Of A Closing/Settlement Prior To The Closing Day On Closing Day Post Closing Once a final "bring-down" title search is completed and legal documents are recorded, title insurance policies are issued. Although the Deed and any security instruments are recorded soon after the closing, government authorities can take months to return the original documents. This is a general overview. Please feel free to contact us for more information about the settlement process. |
FAQ
Close All | Open AllWe would need to review the sales contract to answer this question. Sales contracts typically allocate settlement charges between the parties in some fashion.
Read More ...Our fille tracking system is the perfect tool for buyers/borrowers to stay on track to the settlement table. The system is accessible around-the-clock, allowing buyers/borrowers and their agents and lenders to monitor the progress of a file through defined stages as various documents are made available for downloading.
It is also useful for sellers to use to monitor the buyer's progress toward closing. One of the most frustrating things for a seller is uncertainty -- has the buyer ordered title services? is my title clear? is the file clear to close? what is my loan payoff? how much money will I net at closing? These issues are easily resolved by logging into the secure system and viewing relevant documents.
Read More ...A title must be deemed "good and marketable" before the settlement process can continue. The results of the title search identify (among other things): the current record owner of the property; any liens on it; and any limits on how an owner can use the property. Our attorneys will examine and confirm the documents and information in the title search report to determine what—if anything—must be done in order to clear the title to the property so that the buyer can obtain its (and its lender's) goal of "good and marketable" title.
Read More ...Whether or not you get a survey on your property depends on the type of property you are purchasing. If you are purchasing a condominium, a survey is not required. If you are purchasing a townhouse or single family home, most lenders will require a survey. Surveys are generally not required for refinances, although a survey affidavit may be. For transactions involving commercial property, an ALTA survey will often be required. These projects are costly. Again, if a prior survey exists, this can cut your costs.
If a survey is required, you will have the option of a location drawing or "upgrading" to a boundary survey. A location drawing is sufficient for most residential lenders but it does not mark and cannot be relied upon to establish property boundaries or corners.
Read More ...Most lenders require a location drawing of the property in order to ascertain that: others (such as adjoining property owners) have not encroached on the property being purchased; improvements on the property neither extend beyond the lot's legal boundaries nor are placed over easements of record; and there are no violations of building restriction lines or other regulatory restrictions.
Our attorneys review the completed drawings, and if any problems are found we work with all of the parties involved to try to find an acceptable solution that allows the closing to move forward.
Read More ...Title insurance protects against a loss to the lender or the owner in the event that the title to the property is other than as insured. Title insurance is an essential part of virtually every transfer of ownership of residential or commercial real estate. It is purchased at settlement, and the title insurance policies are issued shortly thereafter. Although it can be one of the higher costs of closing, buyers should be aware that it protects them against potentially disastrous losses.
There are two (2) types of title insurance policies: lender's and owner's. Lender's title insurance is required by lenders to protect their interest in the property from possible title defects. Buyers have the option of purchasing owner's title insurance to protect the buyer's investment, which often is greater than the loan on the property. While the lender's policy expires when the loan is paid off, the owner's policy coverage can continue as long as the owner has a vested interest in the property (and depending upon the type of owner's coverage purchased, even longer).
With both owner's and lender's title insurance, there are essentially two (2) levels of coverage, Basic and Enhanced. Some lenders require their coverage to be at the Enhanced level; others only require Basic coverage. Owners can elect whether to obtain Basic or Enhanced coverage, or none at all. Click here for a comparison of Basic and Enhanced owner's coverages courtesy of First American Title Insurance Company. Enhanced coverage (Eagle) is approximately 20% more expensive than Basic (ALTA) but you will see that it covers significantly more risks.
It is important to know that title insurance premiums are paid only once, at the closing. Owners title insurance may be purchased after the closing, but only after another full title search is undertaken and any necessary affidavits are executed.
Read More ...Unless otherwise agreed, all buyers, sellers, and their respective real estate agents will attend the closing which is conducted by the settlement officer. Lender representatives occasionally attend.
Read More ...A refinance closing takes approximately 40 minutes and the settlement of a sale / purchase lasts approximately one hour. If any complications arise or if there are several buyers or sellers, it could take longer.
Read More ...Included within the subject of "junk fees" that often appear on the HUD-1s created by other title companies are notary fees, courier and/or overnight delivery expenses, wire fees and title binder fees. Generally speaking, Masters does not pass on such costs or charge such fees to our customers.
Read More ...Our team is in contact with our office network (voice and email) around the clock. Please contact us any time.
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